Speaker 1:

From the New York Stock Exchange at the corner of Wall and Broad Streets in New York City, welcome Inside the ICE House. Our podcast from Intercontinental Exchange is your go-to for the latest on markets, leadership, vision, and business. For over 230 years, the NYSE has been the beating heart of global growth. Each week, we bring you inspiring stories of innovators, job creators, and the movers and shakers of capitalism here at the NYSE and ICE's exchanges around the world. Now let's go inside the ICE House. Here's your host, Lance Glinn.

Lance Glinn:

Welcome into another episode of the Inside the ICE House Podcast here at the New York Stock Exchange. Our guest today, Shelly Cayette-Weston is President of Business Operations for the NBA Charlotte Hornets, and here to discuss among many other things on and off the court, the franchise's partnership with Judi Health as its exclusive jersey patch partner. Shelly, thanks so much for joining us inside the ICE House.

Shelly Cayette-Weston:

Thanks for having me. Excited to be here this morning.

Lance Glinn:

So let's start with the big announcement that I just referenced in my introduction, this partnership between the Charlotte Hornets and Judi Health. When going just through this process of finding a partner, what were you and your team looking for and what made Judi Health really stand out as the right fit for the Hornets brand?

Shelly Cayette-Weston:

Yeah, well, as you know, we think about our Jersey Patch Partners, one of the most, I would say prized assets that we have as a franchise, right? It's on our players, it's on the heart of who we are. It goes everywhere with our brand. So you really want to make sure you have a partner that's aligned, that has the same values and really connected. So as we were in the process, it's one we didn't want to rush, we wanted to make sure we got it right. And sometimes it's a little difficult when you think about the color way and size and brand. So usually there's a lot of hurdles to jump over. But this one with Judi Health was just perfect alignment from the beginning, one with AJ, with their people.

It's just a good culture of people and great partnerships happen with great people. So that was first and foremost. The second is that we've got really aligned values I think, and vision. They're really future-focused. They love disrupting the industry. They really have an interest to strive for a level of success in their business. And so we felt aligned. So as we started talking to them and the growth of their business, we just thought there was great alignment for where we are as an organization and where we're looking to go.

Lance Glinn:

Well, I love my jersey. [inaudible 00:02:24].

Shelly Cayette-Weston:

It looks good. The color looks good also, doesn't it?

Lance Glinn:

Absolutely. Oh my God, it goes well with all the Hornets colors on it. Now, you mentioned the alignment, and Judi Health, obviously a tech-forward company really pushing the boundaries in healthcare infrastructure, Hornets too investing in digital and fan engagement tools to become a premier NBA franchise or to continue to be a premier NBA franchise, how do you see this partnership as really like a meeting point of innovation between the two?

Shelly Cayette-Weston:

Well, I think first of all, there's a lot of growth and momentum, a tremendous amount of growth and momentum around our organization as the Charlotte Hornets. And then you saw with the announcement of Judi Health, even just yesterday, about their rebrand from Capital Rx, and there's a lot of growth and trajectory of growth around their organization also. So there really was alignment. I think all of that for us in the Charlotte Hornets starts from the top, starts with our ownership group, Rick Schnall and Gabe Plotkin. They have one very clear vision, and that is to be a premier NBA and entertainment franchise. And so to be able to do that, this is another step to show of momentum, partnering with a company like Judi Health that's on the same trajectory. So a lot of excitement, again, a lot of alignment, but just again, it was a great partnership from the very beginning.

Lance Glinn:

And I think one of the things that stood out too with the partnership was really this emphasis and investment too on community, and both the Hornets and Judi Health have made community a core value to what you guys believe in. How do you ensure that this collaboration goes really beyond the branding that you see on the jersey here that I'm wearing and truly make a difference in Charlotte and the Greater Carolinas?

Shelly Cayette-Weston:

Yes, the platform and the asset, it's just an opportunity for us to be able to show and connect with more people. The real investment we think, we know we play basketball, but the real responsibility we have is to uplift the Carolinas and our community. Judi Health feels the same way about their investment in community. They actually just talked today about investing in, potentially putting an office in Charlotte even. And so we are very, very committed to investing in the community. One of the things that we've just done, actually that we're about to do now and tomorrow is go to Western Carolinas to, it's been one year since Hurricane Helene, and we've invested over a million dollars to the recovery of Hurricane Helene. We promised that we would be there for the long term. So we're going back to make sure we have that commitment there. And that's just one example of our commitment in the community. Judi Health is focused on literacy and education, so we're going to work together on some programs to really reach youth and really spread education and literacy together.

Lance Glinn:

So jersey patch partnerships, and you've been within other organizations in the NBA, so I kind of want your sort of big picture perspective on this one. Jersey partnerships, jersey patch partnerships, excuse me, have become one of the most visible and strategic branding opportunities in professional sports. We've seen it in the NBA, obviously we've seen it across different sports as well. Baseball has their logos. NHL I often see has logos on their helmets. So they're all over the place on these jerseys where opportunities come for these brands to partner with these different franchises. So just from your perspective, what kind of impact do these partnerships have, not just in terms of revenue, but in shaping the identity and the perception of a franchise like the Hornets?

Shelly Cayette-Weston:

Yeah. Well, first of all, I'd like to give credit to the NBA and the leadership of Adam Silver to bring this. We were the first professional league to bring it to the US, the jersey opportunity. And really what it's a lot of platform is for brands to connect with sports and fans are passionate about sports. We were talking earlier about your passion for the team not even being in the city, right? And so sports brings out passion, connectivity, emotion, and so it really allows brands connect to that on a very wide and national platform. I think the interesting thing is it has to be much more than just the logo on the jersey. So that's why we really are focused on the integration and the community, connecting with our fans. For them, it's also B-to-B. So I really do think that the jersey allows fans just to connect and the deepest, most connected way possible with our fan base and the passion that they have for the team.

Lance Glinn:

And you spoke earlier about how owners, Rick Schnall, Gabe Plotkin, they have this vision of creating and turning the Hornets into a premier NBA franchise both on and off the court. Can you just dive a little bit further into how this partnership accelerates that and continues to move that forward?

Shelly Cayette-Weston:

Well, yes. So they believe that and they believe that we're going to do that with the right people, creating great culture of performance and a winning culture both on and off the court. You see some demonstrations of that early and some momentum. So one, we won the NBA Summer League championships this summer in Las Vegas. We have a great new young, talented, great character draft class. Kon Knueppel was the MVP of that championship, and he, it's just again, another example of the rest of our team of what's in the future of their investment into building a winning culture.

I think also as you look at again, their investment in, we are putting in the ground right now in construction a $170 million practice facility, a Novant Health performance center that's going to be world-class to retain and also to attract new players. And we need that to be world-class and to have a winning culture. So a lot of things that we're doing now all lead and create momentum towards this, again, winning culture. And if we do it and we take the right steps, we're in this for the long haul and we believe we're starting to see some of the fruits of that labor.

Lance Glinn:

And you mentioned Kon Knueppel, obviously the performance that he had in the Summer League. I've had Dan Hurley on the podcast before, and I know he's very excited about what Liam McNeeley is obviously going to bring to the Charlotte Hornets as well. So your career in the NBA has spanned beyond Charlotte, which we're going to speak to in a little bit. But just looking across the association, we've seen a shift in how teams approach these types of partnerships moving from transactional to really more purpose-driven, as we've spoken about so far in our conversation. What do you think that says about where the league is headed in terms of brand alignment, innovation, and just overall social impact?

Shelly Cayette-Weston:

Yeah. Well, I've seen a lot of evolution. I've been in the industry for almost 20 years in sports entertainment. I started at Harrah's Casino with Caesars Entertainment, which is very much a customer-based organization. I've been in a small market, I've been with the Cavaliers for the last decade, and in a midsize market, Midwest. But at the end of the day, none of these relationships or partnerships work without people and relationships, and very authentic relationships. I think that's how they happen long term, because you can easily get a partner, and it's usually a short term. They're there, they're out. That's not good for the fans. It's not good for the organizations, the franchise, or the brand. So really that alignment on the front end will really help to create a longer partnership and longer term, because you want to grow together. That would be the ideal platform, I would say, is to grow together with a brand.

Lance Glinn:

So to more of your backstory, you played college basketball at Tulane, and college athletics demands a unique balance of performance, leadership, accountability. How did your time on the court really shape your understanding of what it means to lead, not just in terms of strategy, but in terms of collaboration, managing adversity, and ultimately trust building?

Shelly Cayette-Weston:

Yeah, I think every skill set that I utilize today as the president of an NBA team really started from collegiate basketball, from time management to again, leadership, to working and collaborating with 15 other women, right? In college, you think about that. But I think the most important skill set is the people side of things. You really have to understand that you have one common goal and everyone has to be aligned to that one common goal. And I think that's the thing that division one athletics has taught me more than anything. You go through challenges, you have to figure out how to overcome them. And the spirit of that competitiveness is what I think I picked up from division one athletics also. So I believe in sports in general for every kid, but in general, I would say just having that athletic background has helped to lead to a lot of the success I've had in skill sets.

Lance Glinn:

So you joined the Cavs in 2012 and spent over a decade there helping shape the business side of the organization. During that span, the Cavs became one of the top performing revenue franchises in the league. So just reflecting on that success, and you joined the Cavs at a very interesting time in their franchise. So reflecting on that success, how did you approach building really lasting relationships with sponsors and stakeholders with the goal in mind ultimately of creating value for the team and its partners?

Shelly Cayette-Weston:

Well, one of the most important things, when I got there in 2012, the team was barely, I think winning 14 games a year. So-

Lance Glinn:

Like I said, interesting time.

Shelly Cayette-Weston:

It was very interesting. You were modest, but look, it had great ownership. It had great people with the thirst and interest to be great. And so with that, we started building, LeBron came, but most importantly, we were able to strategize before that and build the platform and the structure for success. So when he came, we were able to maximize that success. But I have to tell you, at the end of the day, the one thing that was then and as we looked long-term to create success was all about relationships and doing things the right way, and all for the fan. Because if you don't do it the right way, fans know authentic and not authentic.

Lance Glinn:

Absolutely.

Shelly Cayette-Weston:

Partners know authentic and not authentic. And so if you don't do it the right way with the right people, it's never going to last a long time. And all of the success that we built in Cleveland have to do with doing things the right way with the right people.

Lance Glinn:

So you make this decision in 2024 now to leave Cleveland and move to Charlotte, join the Hornets. What was it about the opportunity and really this moment in the Hornets evolution that made this the right time and really a compelling destination for your next chapter?

Shelly Cayette-Weston:

Yeah, Jeff Peterson, our president of basketball operations, and I talk about this a lot because we had very aligned situations, which is that we were in good organizations that we were doing pretty well. Again, they were a great ownership group there. But at the end of the day, and speaking with Rick and Gabe, their vision was so clear and they were so passionate about it. So it wasn't if we will become a premier NBA franchise, it was when, and so I was really just honored to be able to come aboard and shepherd that vision to life. I lived, my husband and I, who's from Cleveland, so that added another layer.

Lance Glinn:

You had to convince him to move to the south. Got it.

Shelly Cayette-Weston:

Yeah. And I can convince him of a lot of things. That was a tougher one. But when we started talking about the city, Charlotte is one of the fastest growing cities in the country. There's over 150 people moving here every day. It was just ranked by CNBC as the number one place to do business. And so there's a lot of talent, there's a lot of opportunity there. It's a great place to raise a family. I have two young kids that are three and six. So all of those things aligned, but really it's about people. I would never have moved if it wasn't for the right leadership and vision. And I really believe in what Rick Schnall and Gate Plotkin are doing, their passion for what they're doing, and their commitment to putting investment into what they're doing to turn this into a premier NBA franchise. So those were some of the reasons that we chose to move.

Lance Glinn:

So I want to pivot the conversation real quick to talk about the role and the increase of women in NBA leadership roles. Now, I think we've seen that slow but steady increase over the past, say decade in the NBA of these number, a number of women stepping into leadership roles across the league. How have you seen just the perception of women in executive roles change over the years, both within the association of course, and just the broader sports industry as a whole?

Shelly Cayette-Weston:

Well, I think women have been creating an impact in the industry for years before they had a title of presidents, right? There are a lot of women that preceded me and the women that you see in these roles today. I think the great opportunity now is that you're actually starting to see them actually in the roles with the titles.

When I started talking to Rick and Gabe, it wasn't about my gender, it wasn't about my race, it was about performance. It was about talent and people. And so with those things, I think what you're starting to see in the industry is just becoming more of the norm and really starting to level the playing field. A lot of work still to do, but I think you're starting to see women in places based on their performance and their past success. And so that's great to see in the industry, and we need to continue to create pipelines for other women to get exposure and access to how to operate a business so they can continue that pipeline and growth.

Lance Glinn:

And we often hear across the sports landscape, especially across the sports business landscape, about the importance of Mentorship and sponsorship. Now that sponsorship of course being the where someone's actively advocating on your behalf, which can be in any industry so powerful, but especially in sports where there is so much movement across different teams, across different franchises, so on and so forth, across up and down the ladder, whatever it may be. How would you describe the current climate around advocacy for women and the opportunities to help others not only enter, but then enter and really rise up the ranks among these franchises?

Shelly Cayette-Weston:

Well, we talk about sponsorship and mentorship when 20 years ago, there really wasn't a definition for it at the time. And most of the people that really helped guide me along in the industry were actually men because they just didn't have a lot of women in sales in the industry. Not only sports, but in sales in sports. But what you're starting to see now, I have received a tremendous amount of outpour from when I first accepted the job, and even the previous role. As we talk about, as chief revenue officer back in Cleveland, and now as president, I've got a tremendous outreach and outpour from the community, both men and women, a lot of men that have young daughters that are like, "I need to see you succeed because I want my daughter, not that they have to be the president, but that they have an opportunity to do whatever it is they want."

So I actually see a lot of outreach and support of every, and the Charlotte community is just so connected, and everyone has reached out since I moved there of how can I help? How can I support? And I feel that they're really genuine about it. So it's been really a great transition there.

Lance Glinn:

Absolutely. Now, you spoke to something earlier. You said it wasn't a matter of if the Charlotte Hornets would become a premier NBA franchise, it would be a matter of when. And I think it's important in all aspects of sports, regardless of the sport, NBA, NFL, NHL, MLB, whatever it is, to not just chase short-term wins, but you really want to build that long-lasting sustainability. You want to be good for a long time, not just one season and then fall back down. What does sustainability look like to you in context of sports business, and how have you really embedded that mindset into the culture of Hornet sports and entertainment?

Shelly Cayette-Weston:

Yeah, we are not in this for the short term. We are really building, Rick jokes because he says, "You guys are going to be here for the next 20 years. We want to build this forever." I said, "Okay, Rick. We may want to retire at some point." But at the end of the day, with the right people again and culture and building off the foundation of what we had, we look at long-term success. Again, these types of partnerships, we could have easily taken a one-year partnership last year that would've ended this year, and we would not have been here today.

We waited and did the right due diligence to find the right partner that had the aligned value. So I think when we look at success, that's the thing that drives success. We really want to build and tap into that fan base. We have a legacy fan base in Charlotte, again from the eighties, of fans that I told you that filled the building and you couldn't buy a ticket before they were even winning. It wasn't about just winning on the court. Now, we really believe we have to have a consistently winning product, not championships every year, but we need to have a consistently winning product, something that our community, our fans can be proud of. But at the end of the day, the-the-court winning has to be what we're doing in the community consistently. It has to be how we're partnering with companies in our community and throughout the country consistently. And we're going to take our time and do that the right way for the long haul.

Lance Glinn:

Absolutely. So Shelly, I have you here. I have to ask a couple questions about the team. In the upcoming season, '25, '26 season, you mentioned the success in the Summer league, Kon Knueppel, Liam McNeeley really headlined this most recent draft class, but there's a lot of exciting things too happening with the Spectrum Center, newly renovated, set to reopen with initiatives to really make it a great place to be entertained, not just when the Hornets are playing, but when there's different events and concerts and so on and so forth there too. So with this renovation, how are you focused on deepening that connection between the franchise, its fans, the center, and just the Charlotte community as the new season approaches?

Shelly Cayette-Weston:

Well, we are going to open the building here October 19th with Billie Eilish, and we get to celebrate 20 years of Spectrum Center right in Charlotte. And it really has been an economic driver. It's been over 350 million of economic impact to the region as you think about bars, hotels, really just driving economy downtown. And so we are proud of that. Concerts, events, high school graduations. People remember when they come in there. Sometimes we take for granted, because we're in the building all the time, but when people come, they experience it. And it really is a community asset. We just happened to be a tenant there. So we will continue that.

There's a lot of excitement. We opened 20 years ago on October 21st with Rolling Stones, and we're going to continue to build on that. We want to build our concert lineups and diversity of our concerts and events to reach a wider audience even. But we want to be an anchor in the region. We really believe we are. Clearly Charlotte, from the city and the numbers of the growth of Charlotte, we are. And so we want to continue to do that for the long term.

Lance Glinn:

So I mentioned those recent draft editions, LaMelo Ball, Brandon Miller, Miles Bridges, among others who are coming back and who are really the stalwarts of the Charlotte Hornets roster. Just how excited are you, not just from a business perspective, but from what we will see from the product on the court during this coming year?

Shelly Cayette-Weston:

So I am going to leave all of that to Jeff Peters and Charles Lee. We're so excited to have Coach Charles Lee. He has championship experience and he is just a great human being with so much passion and energy that guys are connecting to him, and you're seeing it already. We just had a family picnic this past weekend. Rick and Gabe were very big about creating connectivity amongst culture, and so the guys came and they brought their families, their kids. It was at a pickleball location, so there was a little competition.

Lance Glinn:

Even there. Everyone loves Pickleball, come on.

Shelly Cayette-Weston:

Yes. But all of our guys were there, our veterans were there, LaMelo and Brandon and Miles, and they were in the gym. We actually, because we were renovating our building, we were actually in Queens University over the summer, and our veterans were there the whole summer cheering on again, the draft picks and the younger guys, but also playing and competing together on their own. And so that's just a sign of the culture changing, and those things are the things that we're really excited about.

Lance Glinn:

Well, I'm excited to see Coach Charles Lee and what he is going to bring to this Charlotte Hornets franchise, and I'm excited to see all the success that the Hornets have in 2025, 2026. Shelly, thanks so much for joining us inside the ICE House.

Shelly Cayette-Weston:

Awesome. We're going to look forward to seeing you in Spectrum Center with your jersey on.

Lance Glinn:

Absolutely. Thanks so much for joining us.

Shelly Cayette-Weston:

Thank you.

Speaker 1:

That's our conversation for this week. Remember to rate, review, and subscribe wherever you listen and follow us on X at ICEHousePodcast. From the New York Stock Exchange, we'll talk to you again next week inside the ICE House. Information contained in this podcast was obtained in part from publicly available sources and not independently verified. Neither ICE nor its affiliates make any representations or warranties express or implied as to the accuracy or completeness of the information, and do not sponsor, approve or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security, or a recommendation of any security or trading practice. Some portions of the preceding conversation may have been edited for the purpose of length or clarity.